hw problems

Assume that workers whoses are less than $8000 currently pay no federal income taxes. Suppose a new government program guarantees each worker $4000, whether or not he or she earns any income. For all earned income up to $8000, the worker must pay a 50- percent tax. Draw the budget line facing the worker under this new program. Using the line drawing tool, draw the new budget line facing a worker whose wage is such that his or her pre-tax earned income is less than $8000. Label this line 'BC2'.

Assume that a labor market has the following supply and demand functions: LS = 135 + 8W LD = 651 - 4W where W is the wage. Insurance is added as a benefit for employees. Employers pay $14 per employee for insurance and the employees value the insurance at $20. What is the employee's real wage after insurance?

Suppose in Fiscalville there is no tax on the first $10,000 of income, but a 20 percent tax on earnings between $10,001 and $20,000 and a 30 percent tax on income between $20,001 and $30,000. Any income above $30,000 is taxed at 40 percent. If your income is $50,000, how much will you pay in taxes? Determine your marginal and average tax rates. Is this a progressive tax? Explain.

- It is reported in the news that the Malaysian Government will continue to focus on reducing the country's poverty rate, particularly, following the Covid-19 outbreak. The pandemic has affected people’s livelihood, resulting in rising incidence of poverty. Since (the poor) and (the needy) are two of the eight categories of asnaf (zakat recipients), zakat authorities need to increase the amount of zakat and sadaqah collections to address the rising incidence of poverty. With the use of specific examples, suggest and explain in detail 3 (THREE) strategies that the zakat authorities could implement to increase the collections of contributions.

Consider an individual aged 64 who is eligible to collect full social security (public pension) benefits of $6,000 for a year. They have no other income but can work at a weekly wage rate of $600 for a maximum of 52 weeks. Receipt of benefits from the social security program is retirement tested. Specifically, the individual can earn up to $9,000 in annual wage income without a reduction in benefits; however, after $9,000 of earnings, benefits are reduced by 50% for every dollar earned, until the benefits are exhausted. a) Carefully draw and label the budget constraint for this individual. b) Suppose previously there was a retirement test, and then the test is eliminated, i.e., the individual now is allowed to keep all benefits, irrespective of their labour earnings. How would this affect the individual’s labour supply? Question Two David is a 70-year-old accountant. After serving his accounting firm for 45 years, David decides to retire soon. David has great passion for vintage cars…

Jana has the opportunity to buy the boat of her dreams but needs to determine the best way to fund the purchase. The cost of the boat is $22,000, and she’s considering taking on a second job at which she can earn this amount or selling some investments to generate the cash. However, she realizes that she will also have to pay taxes on any amount she receives. If Jana is in the 35 percent marginal tax bracket and earns $22,000 from a second job, by how much will her end-of-year tax liability increase? What if she elects to sell some investments that she’s held for several years at a gain of $22,000? How would your answer change if she had held the investments for just 6 months?

U6Q6c. Using a regular labor supply curve instead of a compensated supply curve to calculate the excess burden of a tax on labor income will:   a. result in an accurate estimate of the excess burden. b. overestimate the excess burden. c. underestimate the excess burden. d. accurately estimate the excess burden only if the market supply of labor is perfectly inelastic.

Suppose in Fiscalville there is no tax on the first $10,000 of income, but a 20 percent tax on earnings between $10,001 and $20,000 and a 30 percent tax on income between $20,001 and $30,000. Any income above $30,000 is taxed at 40 percent. If your income is $50,000, how much will you pay in taxes

Suppose in Fiscalville there is no tax on the first $10,000 of income, but a 20 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 40 percent. If your income is $50,000, how much will you pay in taxes? Determine your marginal and average tax rates. Is this a progressive tax?

A mandatory health insurance plan costs $4,000. One worker earns $24,000 in employment income and $500 in investment income. Another worker earns $48,000 in employment income and $2,000 in investment income. A third worker earns $68,000 in employment income and $7,000 in investment income. A premium-based system would cost each worker $4,000. A wage tax-based system would cost each worker 8.5 percent of wages. An income tax-based system would cost each worker 8 percent of income. For each worker, calculate the cost of the insurance as a share of total income.

4.7) Consider a national income tax that is structured as follows: Income Marginal tax rate $0-$10,000 0%   $10,001-- $60,000 5%   $60,001and above 0%   For each of the following workers determine his or her marginal and average tax rate. a. A part-time worker with an annual income of $9,000. b. A retail sales person with an annual income of $45,000. c. An advertising executive with an annual income of $600,000

Assume that workers whose are less than $8000 currently pay no federal income taxes. Suppose a new government program guarantees each worker $4000, whether or not he or she earns any income. For all earned income up to $8000, the worker must pay a 50- percent tax. How is the program likely to affect the labor supply curve of workers? For workers whose wages such that their pre-tax earned incomes are less than $8000, labor supply will be.. a. zero because there will be no incentive to work b. zero because there will be a negative income effect (in terms of work hours) c. zero because after-tax wages will be higher d. positive because after-tax wages will be higher e. positive because there will be a positive substitution effect (in terms of work hours)

Suppose you earned $60,000 per year and pay taxes based on marginal tax rates. The first tax bracket which taxes at 10% ranges from zero dollars to $30,000. The second tax bracket which tax at 25% ranges from 30,001 to $120,000. How much will you pay in total taxes?

Explain the definitions assumed by the table and cite specific figures in the table to explain the middle-income trap. (b) Explain the causes of the middle-income trap according to Arias and Wen.

Which statements are TRUE?    1. Factor substitution measures the degree of substitutability between factors of production in any given production.  2. The educational achievement of workers can bring about income equality but also income inequality. 3. The middle income trap is a measure of poverty that considers the deprivation of people in terms of health, education and standard of living of people. 4. The tax levied on goods and services which is finally borne by the end-consumer is known as indirect tax. 5. The GINI Coefficient relates the Lorenz Curve and the line of perfect quality of percentage of income and percentage of population. 6. Development process in the Philippines that is biased towards the urban areas is always justifiable from the perspective of Development Economics. 7. Up to this time, poverty is experienced more by women rather than men at the national and international level. 8. Free education is a means of reducing poverty among ethnic communities. 9.…

Laura earns a base salary of $50,000 as an event planner and is subject to the following hypothetical income ta is considering taking on an additional wedding that will increase her income by $5,000. In order for Laura to c worth her time, it must earn her $3,000 after taxes. Please round all answers to two decimal places. What is the marginal tax rate associated with taking on this wedding? Marginal tax rate: Income $0-$10,000 $10,001-$30,000 $30,001-$50,000 $50,001+ Average tax rate: 4 What is Laura's average tax rate if the extra wedding is accepted? ves R Given the information, will Laura undertake this extra wedding? 5 7 Tax rate 5% 10% 20% 50% B T 6 % 45 % 8 9

25. In order to help pay for the costs of extending health insurance to previously uninsured people, the PPACA imposes new taxes including the following, except: A. An increase in Medicare payroll tax for individuals earning more than $200,000 ($250,000 for married couples) per yearB. An increase in the capital gains tax for individuals earning more than $200,000 ($250,000 for married couples) per yearC. A tax levied on indoor tanningD. A tax on junk foods and soda

Let's take another look at the minimum wage.   Is the minimum wage a price ceiling or price floor? Show this on a graph.  Point out or describe any inefficiencies with regard to price and quantity. Is the minimum wage similar to any of the models in chp 17? If so which one? Is there a different result for minimum wage, which you outlined in #1, if monopsony or monopsonistic power is injected into the analysis?  What might that be? Show this on your graph. Is there a different result for equilibrium price and wage you outlined in #1.  If so, what would that be ?